All Forum Posts by: Fred Cannon

@Connor Lewis. If you allow pets I would definitely rule out carpet. I use tile for all my flooring. Really like the wood grain style. It's a bit more expensive but it's one one done. May be Cheaper in the long run and less maintenance. LV would be second choice, definitely get a pro to install.

@Sheena R Roth. I've been thinking about this post and there is something that no one has discussed. What will you have to spend on the unit to ready it for the next renter if you were to evict this tenant. ( personally I could not evict an 80 year old for a home they have lived in for 20 years, but that's just me, I own 8 rentals so I have gone thru evictions and have no remorse but this is different). My guess is that everything is outdated, probably need to paint, replace flooring, appliances, update baths and kitchen, etc. could be 20-30 thousand in rehab cost, plus eviction cost, and then hoping to get a new tenant that will pay and take care of the newly remodeled unit. 25% chance you will get a bad tenant. I think staying with this lady is the best of all the options, raise the rent by the $125 and push her to get government assistance if she hasn't already done that. There should be a pro bono lawyer that could help her with this. Most likely she has no relatives to help out. Maybe there are so menial task she can help you with in return, like showing rentals, letting workers into empty units, etc.

@Sheena R Roth well looks like it really isn't a deal breaker for you so

Just take the extra $100 a month in rent while you help her qualify for section 8 housing assistance. Gets you one more step up on the stairway to Heaven. Sometimes feeling good about yourself is better that making a bank deposit. I would also contact her family if she has any and let them know that this lady is struggling with her finances. Who knows, maybe someone will step up and offer some help.

@Sheena R Roth. This is why I have converted to short term rentals of 3/6 months. I have sold my SFH's and now invest in 1/1 condos that I use for traveling professionals. It's more work but more income and less headaches. I wish you well in this venture. With all this government money available there must be some assistance somewhere.

The joys of Florida and home insurance. My current carrier is leaving Florida and in the process of getting roof inspection it has been discovered that there is no roofing permit on file with the county. So a new roof is required. I have owned the house for 12 years and I believe the roof to be @ 15-17 years old so it is not so bad as the life of the roof is mostly gone, even thought the inspection showed that is roof is in great shape. My question to all of you is not so much about rental property but about return on investment for repairs ( this is my permanent home). I am looking and considering the new Tesla solar shingles. Do anyone have experience with this product. It's going to be triple the price of an asphalt shingle or less that double the cost of a tile roof. But which local, state, and federal rebates it is worth considering. Any thoughts and inputs will be greatly appreciated TIA

@Darrell D. Is there something that you like to do as a hobby. I am a botanist at heart so plants are my thing, especially the edible kind. I am looking at self contained computer operated hydroponic cells that come prepackage. One small cell, a freight car, can grow as much as two acres of land and it's all computer controlled. That is my next adventure. Not sure about profit margin but if I broke even it would still be fun and rewarding. Plus I could employ my grand kids

@Joel Betances I just went thru this with a tenant and I told her the lease will not be renewed as I was going to furnish and rent to short term travelers. Her lease is up the end of February but as of yesterday she has not found a place to move. My guess is that I will have to evict her as some point, It's to much of a hardship on me to have to carry the expenses while waiting for relief money to dribble in. I have gotten two relief check over two years that catches her up but in the mean time it cost me around $600 per month in expenses. I have other properties that I have converted to short term rentals and the demand is very high. My travelers are nurses and their contracts are usually 3 months minimum.

@Matthew Masoud get a carry permit and take a gun with you If not that make sure you have pepper spray. It's your property so don't let this guy bully you.

Thanks for inputs,   Most of my tenants are travel nurses and are in the condo for 3 months minimum.  Internet is a must have and some sort of cable or streaming is also necessary. When I have stayed at VRBO's it can be frustrating trying to figure out Roku and all the different streaming services.  I have found You Tune to give the most channels and the easiest to us.  Cable (Xfinity) cost to much so looking for the best alternative,   I am converting another unit to short term in March so will try the you tube to see if it reduces the cost 

@Scott Esmail. You should have a clause in your lease that states early termination will result in loss of deposit. Also if you rent it out then you will need to prorate the portion of rental income lost. In my lease I state what a daily rate is for staying over or in this case lost days due to breaking the lease. Once you rent the unit the old tenant is no longer responsible for the remaining lease term.